Business community demands the slash in interest rate

BIRATNAGAR: The industrialists and traders in Biratnagar have asked the government to immediately reduce the high interest rate charged by the bank and financial institutions (BFIs) on the borrowers. They argued that the interest rate should be around seven percent for the production-based industries and up to nine percent of the trading firms.
At a program jointly organized by Industry Association Morang and Trade Association Morang on Thursday, the business leaders drew attention of the government to that end adding that job creation of the labor force of 500,000 was not likely only from the industry and trade sectors. Stressing the need for slashing the interest rate, they also argued the central bank should realize the reality that no bank was running out of loss. The industrialists and businesspersons said that industries and business should flourish to reduce the trade deficit, strengthen the economy and create more job opportunities.
Industrialists Bhim Ghimire, Pawan Kumar Sharda, Sushen Pyakurel, Moti Dugad and others said that the bank’s interest rate should be low to increase the domestic investment and lure the foreign investment.